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High-Yield Reward Checking Account at CharterBank in GA & AL - Local Only



Update 10/21/10: The top rate has fallen to 3.51% APY and the balance cap has fallen to $15K.

CharterBank is offering a high-yield rewards checking account with the following rates and features of certain monthly requirements are met:

  • 3.51% APY on balances up to $15,000
  • 0.80% APY on portion of balance over $15,000
  • 0.10% base rate if monthly requirements are not met
  • ATM fee refunds up to $20 per cycle

The monthly requirements include:

  • 10 check card purchases
  • 1 direct deposit or automatic payment
  • Enroll and receive online statements

Additional features of the account regardless of the monthly requirements include:

  • $50 minimum initial deposit
  • No minimum balance requirement
  • No monthly service charge

There's an apply button located in the bank's rewards checking page. However, this apply button takes you to an online application that must be printed and taken to one of the bank's branches.

Branches are located in the Georgia cities of West Point, Newnan and Lagrange, and in the Alabama cities of Valley, Auburn and Opelika.

The bank's ratings for safety and soundness are mixed: 3½ stars (good) at BauerFinancial and 2 stars (below peer group) at Both ratings are based on 6/30/09 financial data. The bank has been a FDIC member since 1954 (FDIC Certificate # 30720).

Thanks to the reader who mentioned this reward checking account in the comments

Other Reward Checking Accounts

Note, this bank is not related to Charter Bank in New Mexico that just recently made a major change to its nationwide reward checking account (see post).

To find reward checking accounts in other areas of the nation or to learn more about these accounts, please refer to my High Yield Checking website.

Rate History:

  • 10/20/10: 3.51% APY up to $15K; 0.80% over
  • 11/06/09: 5.01% APY up to $25K; 1.01% over; 0.10% base

Related Pages: Alabama, Georgia, CharterBank , checking account, reward checking account

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Comment #1 by Anonymous posted on
Looks like the branch you mentioned in Norcross is a loan production office and not a branch.

Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Thanks. I've removed Norcross from the list of branches.

Comment #3 by Anonymous posted on
Jacobs: What are you talking about??

Comment #4 by Atlanta Wolf (anonymous) posted on
Atlanta Wolf
Maybe a good deal after all!

Don't forget the $1.50/book check and $15 debit card buyback:

and if money isn't enough, how about a tool set or a casserole dish?

I called peachtree city "branch" and the loan department advised me to call the Newnan branch for consumer accounts. Open till noon Saturday, so who wants to road trip with me? :-)

Account cycles on the 20th of the month.

Comment #5 by Anonymous posted on
one Charter gone; another Charter shows up!

Comment #6 by Atlanta Wolf (anonymous) posted on
Atlanta Wolf
Correction to above: Peachtree City is a real branch, I dialed the wrong phone number. Sorry!

They also provide first order of standard checks free, and credit the $30 from debit and checkbook buyback immediately. No need to print the "coupon".

Toolset will make a nice gift.

Comment #7 by Google Group (anonymous) posted on
Google Group
Just opened an account here. Hope this rate lasts longer than Bank of Georgia.

And yeah, the Toolset was a nice gift. Will be picking up a 2nd one this weekend when the wife opens her account.

Comment #8 by Anonymous posted on
branch visit...